Trade Deadline Primer: Florida Panthers
With the Olympic break upon us, the trade deadline is under a month away. Where does each team stand, and what moves should they be looking to make? After looking at bubble teams in recent days, we now shift the focus to teams currently in a playoff spot. Next up are the Panthers.
Winning the Stanley Cup is a war of attrition, and while the Florida Panthers have been remarkably successful over the last few years, the scars of their relentless chase of championships have come to a head this season. The club has played deep into the spring and early summer for three straight years, but do not currently look positioned to do the same this year. The Panthers sit third-to-last place in the Eastern Conference, eight points adrift of the Boston Bruins, who occupy the second wild card spot. Captain Aleksander Barkov, the team’s most valuable player, suffered an injury that will cost him the entire season, and star Matthew Tkachuk has been limited to just 10 games as a result of an injury of his own. Seth Jones, one of their top defensemen, is also on long-term injured reserve. While the Panthers can never be counted out to provide a late-season surge, it’s questionable whether the best path forward for the franchise would be investing more deeply into a 2025-26 season that continues to slip away.
Record
29-25-3, 8th in the Atlantic (15.7% playoff probability)
Deadline Status
Short-term sellers/long-term buyers
Deadline Cap Space
$2.56MM on deadline day, 0/3 retention slots used, 45/50 contracts used, per PuckPedia.
Upcoming Draft Picks
2026: FLA 2nd, WSH 2nd, CHI 4th, FLA 5th, FLA 6th
2027: FLA 2nd, FLA 3rd, FLA 4th, FLA 5th, FLA 6th, WSH 6th, FLA 7th, SJS 7th
Trade Chips
While the Panthers have taken a notable step back this season, don’t expect their competitive downturn to be a permanent one. The Panthers still have a core of players locked into long-term contracts that remains the envy of the league, and will enter next season healthier and better-rested than they have been in years. As a result, the Panthers are unlikely to enter into this season’s deadline with much interest in subtracting players who might be able to fit into the team’s roster puzzle starting next season.
The Panthers don’t figure to have an abundance of trade chips at their disposal. While some veterans such as Evan Rodrigues and Eetu Luostarinen would make valuable trade assets, the fact that each has an extra year on their contract at an affordable cap hit ($3MM each) makes keeping them more valuable to the Panthers than trading them. The Panthers have every intent of returning to true Stanley Cup contention as soon as next season, so it doesn’t make sense to subtract too dramatically from a formula that has worked so well. (This season’s results notwithstanding.)
With that said, Florida isn’t totally without players they could trade over the next month – they just aren’t likely to fetch the team a huge amount of value in return. A.J. Greer is having the most productive season of his career, and brings three valuable traits contenders look for at the deadline: size, depth production, and Stanley Cup experience.
He’s scored 11 goals and 21 points in 57 games this season, which is already a career-high. Given how much money Florida already has committed to its roster for next season, Greer’s performances may be pricing himself out of remaining in Florida beyond the deadline.
Veteran center Luke Kunin, also a pending UFA, was a trade asset last season when the San Jose Sharks received a fourth-round pick from the Columbus Blue Jackets in exchange for his services. Kunin is unlikely to cost as much this year, seeing as he’s averaging the fewest minutes of any regular forward in head coach Paul Maurice’s lineup. But Kunin has won 51.5% of his draws this season, and is averaging a little over a minute on the penalty kill, so teams looking for a cheap veteran depth center could be interested.
On defense, the only option that works as a rental is veteran Jeff Petry, as the 38-year-old is the only NHL regular on the blueline who is a pending UFA. Petry has over 1,000 games of NHL experience and has been a regular for the Panthers, playing in 55 of the team’s 57 games and averaging 14:51 time on ice per game. While he likely wouldn’t return the Panthers significant value, he could be a player of interest to teams looking to shore up their blueline depth in a way that won’t break the bank.
Team Needs
Healthy Core Players: Ultimately, no external addition the Panthers could realistically make would be as impactful as getting their players back to full health. This is a team whose competitive fortunes look totally different with Barkov in the lineup. With Jones also on injured reserve, the Panthers are down their most important overall player, as well as one of their top defensemen. Since Barkov is extremely unlikely to return in 2025-26, the Panthers are likely best-served prioritizing building up their odds of contending next season, rather than in what remains of this year.
Cost-Controlled Depth: The closest modern-day comparable to what the Panthers have achieved in the past two years is the Tampa Bay Lightning of the first few years of the decade, as they won back-to-back titles and lost in another Stanley Cup Final. Beyond their elite core group of players, the Lightning were able to build a dominant contender because of the significant surplus value they mined in the depth roles of their lineup.
Photos courtesy of Jayne Kamin-Oncea-Imagn Images
Florida Panthers Injury Updates
Injuries have significantly impacted the Florida Panthers’ pursuit of a third consecutive Stanley Cup. However, assuming there are no further setbacks, they could return a trio of players shortly after the Olympic break.
In an update from the team, the Panthers could return Tomas Nosek, Dmitry Kulikov, and Jonah Gadjovich in their road trip at the beginning of March. That would indicate that each player should only miss a game or two before being activated from the long-term injured reserve.
Head coach Paul Maurice provided a quote explaining the situation, saying, “They’ll go probably non-contact this week and then maybe get released for contact in and around the Toronto game (at home on Feb. 26), which would keep them out of those games. But if they can get through the week, then somewhere on the road trip there will be a chance they’ll come back. I just don’t know the answer to a lot of them. They’ve been off for an awfully long time. We do need to get them into to a certain level of confidence before [they return].”
None of the three would provide Florida with a game-changing addition by any stretch, though a return of all three would drastically improve the team’s depth. Absent netminders, the Panthers have used 28 different players this season and have eight players currently dealing with some injury or another.
Nosek has missed the most time. After suffering a significant knee injury during offseason training that required surgery, Nosek has remained sidelined for the entire 2025-26 season up to this point. His first season with the Panthers came last season, scoring one goal and nine points in 59 games, averaging 9:49 of ice time.
Meanwhile, Kulikov has also been out for much of the 2025-26 campaign. Suffering a torn labrum in early October, the 35-year-old has been limited to two games this season. Throughout his last two years in Florida, he’s credited with five goals and 33 points in 146 games with 259 hits.
Like Kulikov, Gadjovich has also been out of the lineup since October. Also undergoing surgery, Gadjovich has only appeared in 10 games this year. As the Panthers continue their push toward the postseason, returning several of their injured players and adding a piece or two at the deadline should help in that endeavor.
Kulikov And Nosek Practice In Non-Contact Jerseys
- The Panthers welcomed a pair of veterans back to practice today. Team reporter Jameson Olive noted (Twitter links) that defenseman Dmitry Kulikov and center Tomas Nosek both took part in today’s skate in non-contact jerseys. Kulikov suffered an upper-body injury in the second game of the season and has been out since then. The initial recovery period was expected to be between five and six months so Kulikov may be a little while yet before returning. As for Nosek, he has yet to play this season due to a knee injury. Both players are currently on LTIR and would give the Panthers some depth upgrades for the stretch run once they’re able to return.
Finland’s Anton Lundell, Oliver Kapanen Miss Game Due To Illness
Team Finland managed an 11-0 win over Team Italy early on Saturday morning without one of their top centers. Florida panthers center Anton Lundell missed the heyday matchup due to illness per Sportsnet’s Elliotte Friedman. Lundell’s roomate in the Olympic villiage, center Oliver Kapanen, was also scratched. Kapanen was rostered but benched in Finland’s second game – a 4-1 win over rival Sweden. Lundell played nearly 19 minutes and scored one goal in that game, after going scoreless in the Olympic opener.
Finland kept Colorado Avalanche winger Joel Kiviranta and Ottawa Senators defender Nikolas Matinpalo in the lineup against Italy. Kiviranta scored on both shots he took in 11 minutes of ice time. Matinpalo recorded a plus-one and two shots in eight minutes, but didn’t make the scoresheet. He did score a goal in Finland’s win over Sweden – a surprise for a defender who only has one goal in 75 career NHL games.
Of note, Team Finland’s women’s team contracted noravrius – a common and contagious stomach virus – per ESPN. It was not made clear if this bug spread to Lundell. Finland will hope he can rebound quickly either way, as Lundell held down the team’s second-line center position before going down. He has scored 16 goals and 40 points in 54 games in the NHL. That is a 61-point scoring pace, which would shatter Lundell’s previous career-high of 45 points, set last season. His ramped up scoring has coinceded with a boost to Florida’s top-line where he is filling in for injured compatriot Aleksander Barkov.
Kapanen’s availability will be less certain. It was not clear if he was scratched as a precaution, or to continue his route out of the lineup after seeing no ice time in Finland’s last game. The NHL rookie has 18 goals and 31 points in 57 games with the Montreal Canadiens this season. He was a standout in both Finland’s Liiga and Sweden’s SHL before moving to North America. Kapanen scored 34 points in 51 games of the 2023-24 Liiga season and 35 points in 36 games of the 2024-25 SHL season. He will rotate onto the team’s fourth-line, and fill a shoot-first role, if he’s slotted back into the lineup.
Some Finnish Players Tried To Get Paul Maurice To Coach Finland At Olympics
Finland wound up in second place in its group at the Olympics and have a chance at a bye before the quarterfinals. However, at one point, it looked like the team could have been led by a different bench boss. Helsingen Sanomat’s Sami Hoffren and Teemu Suvinen report that following a tough showing at the 4 Nations Face-Off and World Championship, a group of NHL veterans made an effort to try to get Panthers head coach Paul Maurice appointed to Finland’s coaching staff for these Olympics. GM Jere Lehtinen acknowledged discussing the idea with the players who wanted the change but nothing further came of it with head coach Antti Pennanen remaining in charge, a role he will hold through the spring of 2027 at a minimum.
Panthers’ 2026 First-Round Pick Traded To Blackhawks Is Top-10 Protected
The Florida Panthers acquired defenseman Seth Jones from the Chicago Blackhawks at the 2025 Trade Deadline. In return, the Blackhawks received goaltender Spencer Knight and a conditional 2026 first-round pick. At the time, the reported condition was that the pick would become Florida’s 2027 first should the Panthers find another trade involving their 2026 pick. It was revealed on Friday – nearly a full year after the deal – that the pick also carries top-10 protection, per hockey insider Frank Seravalli.
That condition was later confirmed by Ben Pope of the Chicago Sun-Times, who adds that Chicago has been aware of the protection since the trade occured.
This news will diminish the Blackhawks’ chances of landing two top-10 picks in a strong 2026 draft class. Chicago currently sits with the sixth-worst points percentage, while Florida holds the 10th-worst. Wielding both first-round picks, with no protection, could have nearly doubled Chicago’s chances at landing the first-overall selection.
Instead, the Blackhawks will have to watch where Florida falls before they can start planning for the next two drafts. The Panthers have faced consistent challenges this season and enter the Olympic break with a 4-6-0 record in their last 10 games. The back-to-back Stanley Cup champions seem headed for a postseason miss, pending a surge in the second-half.
While a chance at double-dipping in the top-10 is always enticing, the Blackhawks’ prospect pool will move forward relatively unaffected. Draft pundits have agreed that top-10 value could fall into the teens of this year’s draft, while the 2027 class is believed to be another loaded year. Chicago has spent the last eight years building one of the best prospect pools in the league and are now entering a phase where promoting young talent will become more important than adding it. That could push the Hawks to consider moving out draft capital for some veteran rivets, an approach argued for by Kyle Bokota of Blackhawk Up.
Chicago seems headed for a high pick regardless this season, and still hold outside odds to land first-overall. Their scouting room will be as busy as ever, looking to land another value pick to join Anton Frondell and Vaclav Nestrasil Jr. from their 2025 class.
Panthers Place Josh Davies On Unconditional Waivers
Feb. 6: Davies passed through waivers and is now a free agent, per Friedman.
Feb. 5: The Panthers placed forward prospect Josh Davies on unconditional waivers Thursday, Elliotte Friedman of Sportsnet reports. He’ll have his contract terminated and become an unrestricted free agent tomorrow after he clears.
Davies, 21, walks away from his entry-level contract less than two seasons in. He was a sixth-round pick out of the WHL’s Swift Current Broncos in 2022 and, after inking his ELC in December 2023, turned pro before last season. In over a year and a half in Florida’s ranks, though, he’s yet to record a point at the AHL level.
Davies played just 18 games for Charlotte last season, posting no scoring stats and 27 penalty minutes with a -8 rating. He’s seen no AHL time this season and has instead played exclusively with ECHL Savannah, where he has eight goals and 12 points in 31 games. He also had 16 points in 34 games for the Ghost Pirates last season as a rookie.
Now, the heavy-hitting 5’10” winger will look to catch on elsewhere, presumably on a minor-league deal with such a limited high-end track record in the pros. He was a decent scorer in juniors, totaling 78 goals and 140 points across 204 WHL games, but he hasn’t been able to take the next step.
Florida’s contract count will drop to 45 tomorrow, leaving them with five open spots nearing the trade deadline.
Panthers Reassign Mikulas Hovorka
2/6/26: The Panthers reassigned Hovorka back to AHL Charlotte today. He played 11:27 time on ice in Florida’s loss to the Tampa Bay Lightning yesterday.
2/5/26: With the Panthers dealing with several injuries for their final game before the Olympic break against Tampa Bay, they needed some help on the back end. Accordingly, the team announced (Twitter link) that they’ve recalled Mikulas Hovorka from AHL Charlotte. To make room on the roster, blueliner Tobias Bjornfot was placed on injured reserve.
The 24-year-old is in his second season in North America since signing as an undrafted free agent with Florida back in 2024. Prior to tonight’s game, he had exclusively played in the minors with the Checkers. This season, Hovorka has two goals and eight assists in 30 games, meaning he has equaled his rookie-season output in half the games he played in 2024-25. However, given that the break is coming after tonight’s game, it’s a lock that he’ll be returned to Charlotte in the very near future.
As for Bjornfot, the nature of the injury is currently undisclosed but he sustained it on Wednesday against Boston. The 24-year-old was recalled last month and has seen fairly regular action since then. Bjornfot has played in 10 games with Florida this season, picking up two goals and one assist in 11:20 per night of playing time. Meanwhile, he hasn’t been much more productive in Charlotte as he has a goal and six helpers in 22 games with them. Bjornfot will be eligible to be activated in time for Florida’s next game on February 26th against Toronto.
Sandis Vilmanis Leaves Due To Injury
As the Nashville Predators take first steps into their general manager search, following Barry Trotz’s sudden resignation announcement earlier this week, an interesting roadblock emerged. According to Insider Frank Seravalli, the NHL Players Association is reviewing Creative Artists Agency, who were hired by the franchise to conduct their search.
The agency also represents NHL players, and therefore may not be permitted for involvement in front office personnel processes, even if coming from a different arm of the agency. It is considered a potential conflict of interest. CAA’s website shows a long list of NHL players represented, headlined by Sidney Crosby, not to mention Predators cornerstone Filip Forsberg and numerous other stars of the game.
A somewhat similar situation occurred in 2023, also reported by Seravalli back then, when the NHLPA investigated former Maple Leafs and current Penguins GM Kyle Dubas’ relationship with an agency connected to Auston Matthews and other NHLers, which did not lead to violations. It’s unclear what will arise from the situation with CAA and the Predators, but worth monitoring nonetheless.
Until a candidate is selected, Trotz is set to maintain his role as long as needed, steering the franchise into the Trade Deadline season where Nashville must decide between selling or keeping the band together for a Wild Card push.
On today’s episode of the DFO Rundown podcast, David Pagnotta of The Fourth Period reported that Nashville had a few trades in the works this week that fell through, and may be revisited after the Olympic break. As Trotz works through his final chapter, he figures to be active with high trade demands to leave his franchise in a good place for the next regime.
Elsewhere across the league:
- The Florida Panthers shared mid-game that Sandis Vilmanis wouldn’t return due to an upper-body injury. The forward delivered a controversial hit to Bruins star Charlie McAvoy, making the head a main point of contact, while McAvoy is wearing a full shield recovering from a broken jaw. Vilmanis was assessed only a minor penalty, not returning afterward, but the incident could receive further discipline. The 22-year-old with 12 NHL games under his belt is far from a household name, but Vilmanis was named to Latvia’s Olympic roster and his injury status could have implications for Milan. He is one of eight active NHL skaters on the nation’s squad.
- Ahead of tonight’s game in Los Angeles, the Seattle Kraken revealed forward Jaden Schwartz wouldn’t play due to a lower-body injury. The veteran already missed a chunk of the campaign for such an injury, and while it’s not clear if they are related naturally there’s cause for concern. When healthy, the 33-year-old remains effective, notching 19 points in 36 games, par for the course in his Kraken tenure over the past several years. Seattle has been sniffing around in the trade market as they gear up for a run at the postseason, and hopefully Schwartz will take the Olympic break to get healthy in time to play his part this spring.
Three Players Placed On Unconditional Waivers
Feb. 4: All three cleared and are now unrestricted free agents, per Friedman. Larsson has already found his new home in Sweden with Leksands IF, Expressen reports.
Feb. 3: Three players from around the league won’t be back with their current clubs after the Olympic break. The Panthers’ Ryan McAllister, the Penguins’ Filip Larsson, and the Blues’ Samuel Johannesson were placed on unconditional waivers today for the purposes of contract terminations, Sportsnet’s Elliotte Friedman reports.
McAllister, 24, will become an unrestricted free agent midway through a trying season. The Ontario native took a rare development path, inking his entry-level contract with Florida as an undrafted free agent in 2023 after just one season in college at Western Michigan. He’d erupted for 49 points in 39 games as a freshman, so making the jump to the pros wasn’t completely out of the blue.
The 5’10” pivot has never landed an NHL recall, but he’d put together some promising seasons in Charlotte – when healthy. He had 19 points in 37 games as a first-year pro in 2023-24 and averaged nearly a point per game last year, although he was available for only 16 games.
It seems whatever ailed him last year has made him a more limited threat this year. He had two goals and seven points with a -5 rating in 15 games to begin the year with Charlotte before the Panthers bumped him down to ECHL Savannah for the first time last month. He’s suited up twice, recording one assist and a -1 rating.
McAllister’s 0.64 points per game average in the AHL indicates he should be able to catch on somewhere else quickly, whether that’s on an AHL deal elsewhere to finish out the season or to join a pro team in Europe for the stretch run.
Larsson, 27, seems a sure bet to head back home to Sweden. He was a sixth-round pick by the Red Wings back in 2016 and had a one-year run with them in the AHL after coming out of college before being loaned back to Europe in 2020. He remained there until Detroit non-tendered him following the expiry of his entry-level deal.
Larsson later broke out as a top-tier starter in the Swedish Hockey League in 2023-24, racking up a .920 SV% and 1.93 GAA with five shutouts in 28 games. That put him back on the NHL radar, and the Penguins inked him to a two-year, two-way deal.
The Stockholm native was a good minor-league backup last season, notching a .910 SV% and 12-9-3 record in 26 showings for AHL Wilkes-Barre/Scranton. He’s barely gotten any playing time this season behind youngsters Joel Blomqvist and Sergey Murashov, though, appearing just nine times. He hasn’t been terribly effective when dressed, either, throwing up a .876 SV% and 3.51 GAA.
Johannesson could also be on his way back to Sweden alongside Larsson. St. Louis signed the 25-year-old righty in 2024 out of Örebro HK. He was a 2020 draft pick by the Blue Jackets, but his exclusive signing rights with Columbus had expired.
The offensive-minded righty has been a valuable puck-mover for their minor-league affiliate in Springfield, but hasn’t shown the defensive utility necessary to earn a look at the next level. After putting up 32 points in 66 games last season, his output has dropped to 11 points in 26 games in 2025-26. He hasn’t been in Springfield’s lineup since mid-January, either, mostly due to his -20 rating.